Friday, June 06, 2008

Home Loans

It's one of the typical American's dream, to have his own home. I'm not sure if that dream is as great for us Filipinos though, but am pretty sure those who already have families of their own would love living somewhere they know they will never be kicked out off.

But how do you go securing your own home?

Good thing for us, there is Pag-Ibig, there are banks and even some big-time companies are offering home loans to their employees. All you really have to do is do your research first.

The research will start in your own family. What are your needs? How many bedrooms will you require? Will a small kitchen do? Will you require a small office space or a music room? I guess this is also why marriage counselors often encourage families to start buying their homes when they've already finished having all the children. This way, you can more correctly project your family's requirements and will save you costs by letting you avoid major renovations and expansion costs.

And then there's your real estate opportunities and limitations, as well as the financing options available to you. Americans have sites like that can help them in finding mortgage loans at cheapest possible rates. Banking institutions and insurance companies also offer seminars on these matters. Even housing and real estate companies also have similar meetings (or Open House parties) where you can ask all your questions, compare prices/coverage, etc.

Make sure you verify if there will be additional or hidden charges when you do your maths. Some loaning facility might offer the lowest interests initially but will also charge you for other fees, or would be the easiest to penalize.

Doing your research will be exhausting and time-consuming. It may even require some cost, just going on ocular inspections or consulting experts. But it would be a worthwile investment as it would later on translate into a good investment you can live with.

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